The global "Epoxy Adhesives Market by Type (One-component, Two-component), End-Use Industry (Building and Construction, Transportation, Marine, Automotive, Wind Energy, Electrical and Electronics), and Region - Global Forecast to 2027" is projected to grow from USD 9.2 billion in 2022 and is projected to reach USD 11.7 billion by 2027, at a CAGR of 5.0%, between 2022 and 2027 period.
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The epoxy adhesives market witnessed high growth due to huge demand from emerging applications, such as construction, automotive, and aerospace. The market exhibits high growth potential and is projected to reach a market size of USD 11.7 billion by 2027, at a CAGR of 5.0% between 2022 and 2027. In 2021, Asia Pacific accounted for the major share of the market at 43.3%, in terms of value, of the global epoxy adhesives market. Furthermore, this segment is projected to witness the highest CAGR due to the growing demand from end users and research institutions. Various manufacturers are taking initiatives and making huge investments in R&D for the technological development of epoxy adhesives in terms of reducing cost and enhancing durability.
In 2021, the epoxy adhesives market was valued at USD 8.7 billion and is projected to reach USD 11.7 billion by 2027, at a CAGR of 5.0% during the forecast period. The growth opportunities in the epoxy adhesives market are increasing due to growing high-performance requirements, such as bonding dissimilar materials and substitution of synthetic substrates for traditional material.
Two-component, type segment likely to hold largest share of the epoxy adhesives market during the forecasted period.
Two-component epoxy adhesives are more flexible than one-component epoxy adhesives. These adhesives include unique versatility in application and performance. These adhesives consist of a resin and a hardener, formulated to offer mechanical, thermal, optical, and electrical properties. They are generally cured under ambient conditions or moderately elevated temperatures. They are also known as room temperature curing epoxy adhesives.
Two-component epoxy adhesives are the most widely used structural adhesives. Epoxy adhesives with longer life spans usually contain additives and can be formulated into fast-curing systems to provide flexible or tough bond lines. These adhesives are used to bond metal, plastic, fiber-reinforced plastic (FRP), glass, and some rubbers. APAC accounted for the largest market share, globally. The aerospace and automotive industries in the APAC region are major consumers of epoxy adhesives. Moreover, North America is expected to witness significant growth in the near future. The epoxy adhesives market is expected to grow in Europe in the next few years. Furthermore, the Middle East and South American regions are expected to witness steady growth, owing.
Wind energy industry, end-use industry segment hold the fastest growing segment in overall epoxy adhesives market during forecast period.
The epoxy adhesives market in the wind energy industry is projected to witness the fastest growth during the forecast period. The industry involves continuous improvements in the structure of the blades and the other components. There are developments going on for making wind blades lighter and taller. Epoxy adhesives are the best solution for adhesion of blade parts and are dominantly used in the preparation of the wind turbine blade. In the transportation and automotive industries, composites are being used instead of other metals which cannot be welded together and, hence, require the usage of epoxy adhesives. All these factors are driving the consumption of epoxy adhesives.
The demand for epoxy adhesives is increasing due to the rising demand for longer and more lightweight wind blades. It is leading many designers and engineers to develop structures that offer durability, excellent fatigue resistance, and easy installation. Several standards in Europe to reduce carbon emissions by XX% by 2030 are also increasing the demand for wind energy, which in turn, is increasing the demand for epoxy adhesives.
Building & construction industry, end-use industry segment accounted the largest share of the global epoxy adhesives market during forecasted period.
The building & construction segment accounts for the largest share of the overall epoxy adhesives market. Epoxy adhesives provide impressively strong bonds. The post-cured characteristics of epoxy adhesives show excellent resistance to high temperatures and minimal shrinkage. These adhesives also have easy application, good chemical resistance, excellent adhesion, and good mechanical properties when applied to well-prepared substrates.
Epoxy adhesives are found in a wide range of applications across many sectors. They are used in bonding, renovation, maintenance, and repairs in residential, commercial, and civil engineering applications. Flooring, roofing, tiling, and HVAC in hospitals, schools, and public buildings are subject to bear load. Thus, the adhesives used are required to be durable and capable of bearing load and resisting cracks.
Asia Pacific region likely to account the largest share of the global epoxy adhesives market during forecasted period.
Asia Pacific dominated the epoxy adhesives market, followed by Europe and North America. The region is projected to register the highest CAGR, in terms of value, during the forecast period. This growth is mainly due to an increase in the purchasing power of the large population, rising income levels, and higher growth prospects in the renewable energy, automotive, and transportation industries, which encourage multinational companies to make higher investments in this region.
Owing to the increasing demand on the domestic front, increasing income levels, and easy access to resources, Asia Pacific has emerged as the leading consumer and producer of epoxy adhesives. This increase in demand is owing to the increasing end-use activities, including new construction, repairs, maintenance, and renovation (such as flooring, roofing, wall coverings, beams, and airport construction). Increased foreign investments also drive the growth in Asia Pacific due to low-cost labor and availability of raw materials, which will boost the epoxy adhesives demand from the region.
The key companies profiled in this report are Henkel AG & Co. KGaA (Germany), Sika Group (Switzerland), 3M (US), H.B. Fuller Company (US), DuPont (US).
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